Posted on 06/02/2004 3:33:17 PM PDT by swilhelm73
NEW YORK (Reuters) - Viacom Inc.'s No. 2 executive, Mel Karmazin, will step down, according to a report on Tuesday by CNBC, after several years of tension between himself and Viacom Chairman and Chief Executive Sumner Redstone.
Viacom was not immediately available to comment.
Karmazin headed CBS Corp. until Viacom bought the company in 2000 and named him president and chief operating officer of Viacom.
Karmazin has been much respected on Wall Street, but his tenure has been characterized by tension with the 80-year-old Redstone.
Karmazin is said to have clashed with Redstone over the years ranging from acquisition strategy, Karmazin's sale of stock in the past, and advertising sales strategy.
Viacom shares rose 6 percent in premarket trading to $39, up from a close of $36.89 on Friday on the New York Stock Exchange (news - web sites).
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